Palace sees stronger peso this week

Malacañang predicted yesterday a much stronger peso this week with the dollars from overseas Filipino workers (OFWs) expected to start trickling in.

"Our long term prospect is that the peso would be much stronger, especially as we get close to Christmas because this is the time when our Filipino workers usually send money to their families back home," Presidential Spokesman Ignacio Bunye said.

Bunye maintained that the fall of the peso last week was just a temporary phenomenon and that the peso-dollar exchange rate would stabilize at the soonest possible time.

At the end of last Friday’s trading, the peso closed at a record low of P55.730 to a dollar.

With the fall of the peso, President Arroyo immediately warned the public against taking advantage of the situation even as she assured that the government is undertaking appropriate measures to prop up the currency.

The business sector attributed the depreciation of the peso to action King Fernando Poe Jr.’s announcement that the would seek the presidency in next year’s election.

Despite the fall of peso, Buney also gave assurances that prices of basic commodities would not go up since measures are in place to prevent such a possibility.

Buney said that the Department of Trade and Industry (DTI) as well as all local government units (LGUs) are closely monitoring the prices of basic commodities and that government would take drastic acton against traders caught profiterring.

With the fall of the peso, President Arroyo immediately warned the public against taking advantage of the situation even as she assured that the government is undertaking appropriate measures to prop up the currency.

The business sector attributed the depreciation of the peso to action King Fernando Poe Jr.’s announcement that he would seek the presidency in next year’s election.

Despite the fall of peso, Bunye also gave assurances that prices of basic commodities would not go up since measures are in place to prevent such a possibility.

Bunye said that the Department of Trade and Industry (DTI) as well as all local government units (LGUs) are closely monitoring the prices of basic commodities and that government would take drastic action against traders caught profiteering.